International Paper Finalizes Sale Of Temple-Inland Building Products Unit

7/19/2013 9:33 AM ET

International Paper (IP) announced that it has finalized the sale of its Temple-Inland Building Products division to Georgia-Pacific Building Products, LLC for $710 million in cash, subject to customary closing adjustment.

The division's assets include 15 manufacturing facilities: five solid wood mills, four particleboard plants, one medium-density fiberboard plant, one fiberboard plant and four gypsum wallboard plants. The facilities are located across eight states, primarily in the southeastern and eastern portions of the United States, with access to five of the top 12 housing markets.

In December, International Paper agreed to sell its Temple-Inland building products unit to Georgia-Pacific LLC for $750 million in cash in order to focus on its paper and packaging business.

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